The labour market added a net 22,100 jobs in August while the unemployment rate jumped by 0.2 percentage points, Statistics Canada said on Friday.
Canada’s unemployment rate jumped to 6.6 per cent in August, Statistics Canada said on Friday, more than economists expected as the labour market added a net 22,100 jobs largely in part-time work.
"The main point is that despite an okay headline, the overall message from this report is that slack is building, very much keeping the Bank of Canada on an easing path, with a growing chance of a more forceful pace to those cuts," BMO chief economist Douglas Porter wrote in a research note on Friday.
"The Bank of Canada had predicted a sharp rebound for the economy in the third quarter, but so far that projection isn’t materializing," Mendes wrote. Statistics Canada noted that this was a difficult summer for students seeking employment. On average, the unemployment rate for returning students between the ages of 15 and 24 was 16.7 per cent this summer, up from 12.9 per cent. The data agency said the unemployment rate between May and August for students was the highest since 2012, excluding the COVID-19 pandemic.
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